Published on 2/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.25 million autocallable contingent coupon barrier notes on 10-stock basket
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Barclays Bank plc priced $2.25 million of autocallable contingent coupon barrier notes due Feb. 1, 2024 linked to an equally-weighted basket consisting of the stocks of Amgen Inc., Cisco Systems, Inc., Chevron Corp., Dow Inc., International Business Machines Corp., Intel Corp., JPMorgan Chase & Co., 3M Co., Verizon Communications Inc. and Walgreens Boots Alliance, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7% per year if the basket closes at or above its trigger price, 80% of its initial price, on the observation date for that quarter.
The notes will be called at par if the basket closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the basket finishes below its 80% trigger price, in which case investors will be fully exposed to the decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying basket: | Amgen Inc., Cisco Systems, Inc., Chevron Corp., Dow Inc., International Business Machines Corp., Intel Corp., JPMorgan Chase & Co., 3M Co., Verizon Communications Inc. and Walgreens Boots Alliance, Inc., equally weighted
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| Amount: | $2,252,000
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| Maturity: | Feb. 1, 2024
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| Coupon: | 7%, payable quarterly if basket closes at or above trigger price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless basket finishes below trigger price, in which case full exposure to decline
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| Call: | At par if basket closes at or above initial price on any quarterly observation date after six months
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| Initial share price: | $254.88 for Amgen, $48.34 for Cisco, $187.79 for Chevron, $58.12 for Dow, $134.45 for IBM, $30.09 for Intel, $139.98 for JPMorgan, $113.55 for 3M, $40.27 for Verizon, $36.50 for Walgreens
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| Trigger price: | 80% of initial share price
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Barclays
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| Fees: | 1.5%
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| Cusip: | 06749NGF3
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